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Due to the housing market, many homeowners no longer have a gain in their home. A gain is the sales price minus the cost basis. The cost basis is generally the purchase price of the property plus improvements. Improvements would include things like a new roof, new heating system or a deck being added to the home. Unfortunately many people … Continue reading »
What direction do you think interest rates are headed in? Homeowners have ridden the variable interest rate mortgage ride for all it's worth. The prime rate hit 20% in 1980. Since then interest rates have been in a long and steady decline. Along the way, borrowers would refinance their house and take out more cash as the value of the property was rising. Times have changed just a wee bit.
Frequently, parents will be encouraged to give their home to their children so the government won’t take it to pay any nursing home bills. This is usually very bad advice. Why is this not an appropriate strategy?
The difficulties in the housing market have been well documented. If you have been trying to sell your home and have been unsuccessful, here's a tip.
Don't reduce the asking price (again)…raise the commission!